The Break Out With TP and SL Fibonacci indicator provides buy and sell forex trading signal based the price break out of high or low prices of 0600 to 0900 hours. Additionally, it applies the Fibonacci ratios to identify potential take profit levels. So, traders can use it to derive entry and exit levels and use it as a standalone trading system.
Features of the Break Out with TP and SL Fibonacci MT4 Indicator
The indicator plots a box between the 0600 to 0900 hours and helps traders identify the ideal breakout zone. It places an order buy line at the high of the zone and another order sell line at the lowest price of the zone. Moreover, it places TP1, TP3 and TP3 to identify the potential prices to book profit.
Traders can enter the markets with a buy trade once price breaks the order buy line with a stop loss at the order sell line. Similarly, in a bearish condition, traders can open a sell trade at the order sell line. Once the trade progresses, traders can move TP1 as trailing stop to target the TP2. Similarly, traders can book partial profits at TP1 and target TP2.
Benefits of Break Out with TP and SL Fibonacci MT4 Indicator
The indicator is very beneficial to new forex traders as it works as a standalone breakout trading system. Since the breakout direction is almost in sync with the trend direction it further improves the profitability.
As the breakout trades are limited to one or two trades a day per currency pair, it helps traders to avoid overtrading. Advanced forex traders can combine it with other technical indicators to increase the profitability.
Indicator Settings Description
The indicator does not provide any user input for settings except the color change. The default setting provides best results.
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